Corporate Governance

At IE we are committed to maintaining the highest standards of governance and ethical practices. We recognise the importance of shareholder value creation and understand that this means more than financial performance. To this end, we have placed Fairness, Accountability Responsibility and Transparency (FART) as the foundational pillars of our governance structure.

The corporate governance structure was developed in line with the requirements of the Code of Corporate Governance for public companies in Nigeria taking into consideration international best practices in corporate governance and board management.

The activities of the Board of Directors (“the Board”) are regulated by the applicable laws such as the Companies and Allied Matters Act, as well as its constitutional documents such as the Board Charter, the Memorandum and Articles of Association, the Shareholders’ Agreement and the IE Corporate Governance Business Principles.

OUR VALUES

Our commitment to corporate governance is contained in a range of documents including but not limited to:

Corporate Governance Business Principles

People

• We provide healthy, safe and secure work environment
• We treat people with fairness, respect and decency.
• We help employees to develop their potential

Conduct

• We act with integrity, accountability and transparency.
• We comply with legal, regulatory and licence requirements.

Society

• We work to ensure that neighboring communities benefit from our presence on an enduring basis.
• We support human rights within our areas of influence.

Environment

• We make a positive contribution to the protection of the environment
• We go beyond compliance with local environmental regulations to meet internationally acceptable best practice.

Core Values - SPICES

Safety

We ensure safety in all our areas of operations

Professionalism

To deliver on all our endeavors with the highest level of professionalism

Integrity & Discipline

To maintain integrity through discipline in all our actions

Commitment to Stakeholders

To maintain our commitment to delivering quality service to all our stakeholders

Exceptional Service Delivery

To ensure we deliver exceptional service at all times

Sustainability

To remain committed to build a sustainable business

Code of ethics and professional conduct

The Code of Ethics and Professional Conduct was developed as a tool to help our employees effectively address ethical issues and gray areas, which they might encounter on a daily basis. The 10 codes complement existing standards and guidelines. They serve as an ethical benchmark for our employees. They are:

Employee Guidelines

These consist of guidelines regarding expected standards of employee behaviour and cover issues such as whistleblowing, anti-bribery, handling conflicts of interest, confidentiality and compliance with privacy laws and other regulatory requirements.

Sustainability Reporting

As a part of our commitment to sustainable growth, in 2016,we launched our maiden sustainability report.

For IE, the report represents a milestone in our journey towards transformation of the Nigeria’s largest distribution company. It reflects our economic, social and environmental activities from January 1 to December 31, 2015. However, references are made to activities from November 2013, in order to provide an accurate image of the journey post-privatization.

It is a reflection of our activities since takeover, a celebration of our success and recognition of areas where we could have performed better. In addition to reflecting our focus on improving performance as an organization, it also represents our commitment to transparency, for the benefit of our key stakeholders.

The intended audience for this report are stakeholders such as our shareholders, customers, employees, suppliers, government and regulatory organizations. These stakeholders are directly and indirectly impacted by the activities of the organization.